Anthropic's IPO is about six times oversubscribed, Bloomberg News reports

Detailed summary

Nov 12 : Anthropic's initial public offering has drawn about six times the orders for the shares available for what could be the largest first-time share sale, Bloomberg News reported on Thursday.

Bankers told prospective investors that Anthropic will prioritize its existing backers, leaving some would-be buyers with smaller allocations than expected, the report added, citing people familiar with the matter.

Details of the IPO, including the demand for shares, could change, according to the report. Anthropic could not immediately be reached for comment on the report.

Anthropic's initial public offering will value the Claude chatbot creator at up to $1.4 trillion, slightly below some investor expectations, setting up a key test of Wall Street's confidence in the artificial intelligence boom.

The AI lab and some of ​its existing shareholders are aiming to raise up to $64.4 billion in the IPO by selling 825 million shares priced between $70 and $78 each. Shares are expected to start trading on ​the Nasdaq on November 19 under the symbol "ANT."

Our chief editor shares analysis and picks of the week's biggest news every Saturday.

Get our pick of top stories and thought-provoking articles in your inbox

Stay updated with notifications for breaking news and our best stories

Join our channel for the top reads for the day on your preferred chat app

Opening of the article, excerpted from CNA. To read the rest, open the article on the publisher's site.